Understanding your deductible before you pay it!


The rains are back, and the “claim season” begins.  We’ve seen several fender benders this week on Broadway and it reminds me some folks will be in for a shock when it comes to paying their deductible.

Part of understanding your insurance protection is knowing how much you are risking – your deductible is the amount you pay first before the insurance company pays.  Sometimes it’s a non issue – like in the case of a total loss car accident or a whole house fire.  In those cases the $500 or $1,000 or higher deductible is almost unnoticed when the insurance company is paying the balance of tens or hundreds of thousands.
But in other claims, when the damage is small and the deductible high, there can be frustration.  I’m not saying carrying a lower or higher deductible is better, I’m saying making an informed decision is better.  Higher deductibles mean lower premiums, but higher risk.

Are you comfortable with the risk you have assumed?  If you’re not, or you don’t know what it is, give us a call – we’d be happy to review your current coverage with you so you can make an informed decision.

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